|
202103657
<br />and without regard to the adequacy of its security, enter upon and take possession of the
<br />Property, or any part thereof, in its own name or in the name of the Trustee, and do any acts that
<br />Lender deems necessary or desirable to preserve the value, marketability or rentability of the
<br />Property, or any part thereof or interest therein; increase the income from the Property or protect
<br />the security thereof; and, with or without taking possession of the Property, sue for or otherwise
<br />collect the rents, issues, and profits thereof, including those past due and unpaid, and apply the
<br />same, less costs and expenses of operation and collection, including attorney's fees, upon any
<br />indebtedness secured hereby; all in such order as Lender may determine. The entering upon and
<br />taking possession of the Property and the collection of such rents, issues, and profits, and the
<br />application thereof, as aforesaid shall not cure or waive any default or notice of default hereunder
<br />or invalidate any act done in response to such default or pursuant to such notice of default; and,
<br />notwithstanding the continuance in possession of the Property or the collection, receipt, and
<br />application of rents, issues, or profits, Trustee and Lender shall be entitled to exercise every right
<br />provided for herein or by law upon occurrence of any Event of Default, including without
<br />limitation the right to exercise the power of sale. Further, Lender's rights and remedies under
<br />this paragraph shall be cumulative with and in no way a limitation on Lender's rights and
<br />remedies under any assignment of leases and rents recorded against the Property. Lender,
<br />Trustee, and the receiver shall be liable to account only for those rents actually received.
<br />11. Events of Default. The following shall constitute an Event of Default under this
<br />Deed of Trust:
<br />(a) Failure to pay any installment of principal or interest, or any other sum
<br />secured hereby, when due;
<br />(b) Failure of Trustor, within the time required by this Deed of Trust, to
<br />make any payment for taxes or insurance, or any other payment necessary to
<br />prevent filing of or to effect discharge of any lien;
<br />(c) A breach of or default under any provision contained in the Note, this
<br />Deed of Trust, any of the Loan Instruments, or any other lien or encumbrance
<br />upon the Property;
<br />(d) A writ of execution or attachment, or any similar process entered
<br />against Trustor, that shall become a lien on the Property or any portion thereof or
<br />interest therein;
<br />(e) Any default by Borrower or Trustor under any loan, extension of
<br />credit, security agreement, purchase or sales agreement, or any other agreement,
<br />in favor of any other creditor or person that may materially affect any of
<br />Borrower's or Trustor's property, or Borrower's ability to repay the indebtedness,
<br />or Borrower's or Trustor's ability to perform their respective obligations under
<br />this Deed of Trust or any of the Loan Instruments;
<br />(f) Any warranty, representation, or statement made or furnished to
<br />Lender by Borrower or Trustor, or on Borrower's or Trustor's behalf, under this
<br />Deed of Trust or the Loan Instruments is false or misleading in any material
<br />respect, either now or at the time made or furnished, or becomes false or
<br />misleading at any time thereafter;
<br />(g) This Deed of Trust or any of the Loan Instruments ceases to be in full
<br />force and effect (including failure of any collateral document to create a valid and
<br />perfected security interest or lien) at any time and for any reason;
<br />(h) There shall be filed by or against Trustor or Borrower an action under
<br />any present or future federal, state, or other statute, law, or regulation relating to
<br />bankruptcy, insolvency, or other relief for debtors; or there shall be appointed any
<br />trustee, receiver, or liquidator of Trustor or Borrower of all or any part of the
<br />Property, rents, issues, or profits thereof; or Trustor or Borrower shall make any
<br />general assignment for the benefit of creditors;
<br />(i) The death of Borrower or Trustor;
<br />(j) Any breach by Borrower or Trustor under the terms of any other
<br />agreement between Borrower or Trustor and Lender that is not remedied within
<br />any grace period provided therein, including without limitation any agreement
<br />concerning any indebtedness or other obligation of Borrower or Trustor to
<br />Lender, whether existing now or later;
<br />(k) Any of the preceding events occurs with respect to any guarantor,
<br />endorser, surety, or accommodation party of any of the indebtedness; or any
<br />guarantor, endorser, surety, or accommodation party dies or becomes
<br />Page 3 of 6
<br />
|